California
Mortgage Brokers

California mortgage brokers offer loan packages such as fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs) in addition to Federally guaranteed VA and FHA loans.

Since 1986, the 30 Year Bi-Weekly Arm (Adjustable Rate Mortgage) has proved to be a popular choice outperforming fixed rate monthly mortgages.

• Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are congressionally chartered, shareholder-owned companies that buy mortgages from lenders and resell them as securities on the secondary mortgage market. The maximum loan amount for both Fannie Mae and Freddie Mac is $322,700.

• FHA Loans (Federal Housing Administration) have some advantages over conventional loans. Since FHA loans are insured by the government, they generally have more lenient qualification requirements, lower down-payment requirements, and they are assumable loans.

The maximum loan amount for an FHA loan (single-family) ranges depending on the county where you live. You can contact a mortgage specialist for these maximum amounts for your specific county. Government loans make up 20 percent of residential mortgages in the U.S.

• VA Loans(Veterans Affairs) carry many of the same advantages as FHA home loans. However, to qualify for these loans, you must be a qualifying veteran, the unmarried widow of a veteran, a Public Health Service Officer, or an active-duty serviceman. The maximum loan amount for a VA-guaranteed loan is $240,000. No down payment is required for most VA loans.

• Jumbo Loans are conventional loans that are too large for government agencies. Currently, any loan over $322,700 is classified a Jumbo loan. California mortgage brokers Jumbo loans have higher interest rates than conforming loans - typically 0.5 percent to 1 percent higher. Jumbo loans also may have higher down-payment requirements.

Financial contracts are very confusing. Before signing yourself to a major long term commitment, have an attorney familiar with financing and taxes examine the documents and explain the details.

A good tax finance attorney can save you many times his fee over the years, not to mention possible legal problems.

Whether buying a new car, or a used car, or selling a vehicle; first check KBB (Kelley Blue Book), Black Book, Red Book, or the NADA Used Vehicle Guide.

For complete information on all your financial needs, turn from California mortgage brokers to the Loan homepage.

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